In China, economic growth rate drops for the third quarter in succession and there are fears that the economy may see an intense downturn in the coming days.

According to the National Bureau of Statistics, during the 3rd Q the economy grew at a rate of 9% that was 10.1% down compared to previous quarter.

Li Xiaochao, a spokesman from the National Bureau of Statistics, says in this connection, “The government wasn’t expecting such an intense impact of the global financial crisis.”

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The online search giant shows 26% rise in profits despite worsening economic conditions in the country. The announcement became a cause of 7% increase in the company’s shares in after-hours trading.

During the 3Q of the 2008, Google minted $1.35bn and beaten the analysts expectations quite easily.

The company said in an announcement that its earning had strongly grown and it’s mainly due to company’s online search and advertising businesses.

There was a 31% ($5.54bn) increase in Google’s quarterly revenue that also includes commissions to associated advertisers.

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After world leaders talk to end the current financial crisis, Asian markets saw mixed results during first day trading.

In morning trading, shares were up in Australian, Hong Kong, Singapore and South Korean markets, but they opened down in the main markets in Taiwan and Shanghai.

Earlier this week, EU leaders announced that big bank would be allowed to declare itself bankrupt. The leaders have agreed a plan to handle the crisis.

To unfreeze credit markets, the G7 finance ministers have approved a five-point plan and similarly many other countries have announced individual rescue packages.

Australian Prime Minister Kevin Rudd announced that his government would guarantee all large bank deposits for the coming three years.

According to some analysts, this type of move would help to raise confidence as it was quite obvious when Australia’s central bank pumped $2bn to improve lending between banks. …read the rest of this entry»

The predicted market share for the third quarter has been lowered by the world’s largest mobile phone maker. The statement became the cause to push its shares down 9.6% to 14.20 euros that was the lowest level since 2005.

According to Nokia, problems with the production of its new mid-range phones and rivals’ aggressive pricing for the downrange are the factors behind market share loss. However, it says that it would recover its market share during the rest of the year.

The company says that its market share will be lower in the third quarter than its share in the second quarter that was around 40%.

The increasingly aggressive pricing strategies of rival phone makers have also been flagged up by Nokia.

Rick Simonson, who is the chief financial officer, says that the company doesn’t believe that such a strategy can be maintained. …read the rest of this entry»